MOL not to team up with PKN, Zorul for Turkey's Tupras

Monday, August 29, 2005, 00:00

Contrary to Turkish press reports, Hungarian oil group MOL will not team up with Poland's PKN and Turkish Zorul Holding to bid for Tupras, Portfolio.hu reported. MOL is indeed interested in the privatization of the Turkish refinery and fuel trader, but will not bid jointly with the above companies. In line with its communications strategy, MOL would not comment on any of its ongoing or planned transactions. The Hungarian oil and gas group potentially have Tupras and Serbia's NIS in its acquisition crosshair.
Final bids are expected for Tupras by September 2. The competition for the company is fierce. A total of 14 companies have been reported being interested in bidding, among them MOL, Austria's OMV and Poland's PKN.
The five refineries of Tupras, which owns 86% of the country's refinery capacities, process nearly 28 million tons of crude oil annually. One of the most valuable assets of Tupras is a seaport, with access to Middle-East oil. Analysts estimate that Tupras will post revenues of $8.8 billion in 2005, with EBITDA of $618 million. The company's EBITDA/revenue value is currently 7%, compared with MOL's 17.7% in 2004 and 20% in the first half of 2005.

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